Section 18 - Amendment of Section 80M - Finance (No. 2) Act, 1971

18. Amendment of Section 80M In section 80M of the Income-tax Act, with effect from the 1st day of April, 1972, - (a) in sub-section (1), - (i) for clauses (a) and (b), the following clauses shall be substituted, namely :- (a) sixty per cent. of such income, where the assessee is a domestic company; (b) sixty-five per cent. of such income, where the assessee is a foreign company. ; (ii) the Explanation shall be omitted; (b) for sub-section (2) and the Explanation appearing below that sub-section, the following sub-section shall be substituted, namely :- (2) Where a company to which this section applies is entitled also to the deduction under section 80K, the deduction under sub-section (1) shall be allowed in respect of income by way of dividends referred to therein as reduced by the amount of the deduction under section 80K. .